Research & Development Tax Credits are available to businesses that develop new or improved products, processes, software, techniques, formulas, or inventions that result in new or improved functionality, performance, reliability, or quality.

The R&D Tax Credit incentivizes companies to keep high-paying, technical jobs in the U.S. To achieve this goal, the credit criteria are broad and encompass a wide array of activities conducted in modern business. Many small business owners incorrectly assume this incentive is only for cutting-edge technology firms, resulting in eligible companies missing out.

Ready to learn more?

Join the Greater Ravenswood Chamber of Commerce for a webinar on Research & Development Tax Credits on Tuesday, October 5th at 10am. Headdy Mulroy Advisor Group will present on R&D Tax Credits, eligibility, qualifying business activities, and how to claim the credit. Headdy Mulroy, a Chicago-based firm, specializes in government-sponsored credits and incentive tax services that reduce tax liability for small businesses.

Many industries qualify for this incentive, including:

In general, if a company designs, develops, or improves a product or manufacturing process, then they likely qualify for this credit. This development effort not only encompasses new product development, but also incremental improvements to existing products.

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About the Greater Ravenswood Chamber of Commerce

GRCC is a non-profit organization that provides resources for entrepreneurs in Ravenswood and its surrounding communities. Our partnerships with the City of Chicago include; operating a Neighborhood Business Development Center with support from the Department of Business Affairs & Consumer Protections, participating in the Department of Planning & Development’s Local Industrial Retention Initiative; and managing SSA#31, which provides additional services to business and property owners along Ravenswood’s commercial corridors.

We are guided by the belief that creativity, sustainable living, and diverse industry position Ravenswood as a destination neighborhood. We create programs and provide services that connect the dots between businesses, residents, non-profit organizations, local government and area schools. Click here to learn more about who we are.